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SOFIA (Bulgaria), September 27 (SeeNews) - Bulgaria's Commission for Protection of Competition said that it has granted approval to local Logistic Group Invest to acquire 100% of Sofia-based Express Logistic and Distribution from tobacco producer British American Tobacco Western Europe Commercial Trading Limited.
British American Tobacco Western Europe Commercial Trading Limited is part of British American Tobacco (BAT).
The two companies operate on different and unrelated market segments so the deal is not expected to affect competition, the anti-trust authority said in its decision on Thursday.
BAT became the sole owner of Express Logistic and Distribution in May 2017.
Express Logistic and Distribution generated revenue of 1.23 billion levs ($619 million/562 million euro) in 2018 and closed the year with a profit of 2.7 million levs, according to its annual financial statement.
Express Logistic and Distribution, established in 2013, is most active in the export and import of tobacco products.
(1 euro = 1.95583 levs)